
Peapack-Gladstone Bank Mortgage Rates
Effective 9.18.23
Fixed-Rate Mortgages1 | Conforming and High Balance Loan Amounts
Program |
Rate |
Points |
Annual Percentage Rate |
# of Months |
Rate |
Amount |
Monthly Payment Per $1,000 |
Max. Loan2 |
Rate Lock Days |
---|---|---|---|---|---|---|---|---|---|
30 Year Fixed-Conforming**** | 7.500% | 0 | 7.690% | 360 | 7.500% | $2,097.64 | $6.99 | $726,200 | 45 |
15 Year Fixed-Conforming | 6.875% | 0 | 7.165% | 180 | 6.875% | $2,675.56 | $8.92 | $726,200 | 45 |
Affordable Housing Loan Programs3
Program |
Rate |
Points |
Annual Percentage Rate |
# of Months |
Rate |
Amount |
Monthly Payment Per $1,000 |
Max. Loan2 |
Rate Lock Days |
---|---|---|---|---|---|---|---|---|---|
30 Year Fixed-Affordable Housing | 8.000% | 0 | 8.201% | 360 | 8.000% | $2,201.29 | $7.34 | $500,000 | 60 |
30 Year Fixed-Affordable Housing*** | 8.250% | 0 | 8.456% | 360 | 8.250% | $2,253.80 | $7.51 | $500,000 | 60 |
Adjustable-Rate Mortgages1,4,5
Program |
Rate |
Points |
Annual Percentage Rate |
# of Months |
Rate |
Amount |
Monthly Payment Per $1,000 |
Max. Loan2 |
Rate Lock Days |
---|---|---|---|---|---|---|---|---|---|
5/6 mo SOFR ARM****
CAPS: 2/2/5
|
8.000% | 0 | 8.201% |
60
299
1
|
8.000%
8.000%
8.000%
|
$2,201.29
$2,201.29
$2,201.29
|
$7.34
$7.34
$7.34
|
$1,250,000 | 60 |
7/6 mo SOFR ARM****
CAPS: 5/2/5
|
8.250% | 0 | 8.343% |
84
275
1
|
8.250%
8.000%
8.000%
|
$2,253.80
$2,208.58
$2,253.80
|
$7.51
$7.36
$7.51
|
$1,250,000 | 60 |
10/6 mo SOFR ARM****
CAPS: 5/2/5
|
8.500% | 0 | 8.561% |
120
239
1
|
8.500%
8.000%
8.000%
|
$2,306.74
$2,223.32
$2,224.67
|
$7.69
$7.41
$7.42
|
$1,250,000 | 60 |
Payments do not include amounts for taxes and insurance. Actual payment obligation will be greater.
30-Day Average SOFR | 5.31%
|
Margin | 2.75%
|
1Please call for rate quotes for loan amounts over the maximum loan amounts listed.
2Maximum LTV without mortgage insurance is 80% for loan amounts up to $1,500,000. Call for maximum loan amounts for LTV over 80%. Payment schedules are based on a loan amount of $650,000.
3Please call for rate quotes and maximum income limit per county.
***30 Year Fixed Rate -Affordable Housing product will be offered at 8.250% with a $2,500.00 closing cost credit.
***30 Year Fixed Rate -Affordable Housing product will be offered at 8.250% with a $2,500.00 closing cost credit.
****Loans held in Bank's portfolio: For Investment Properties, .375% added to interest rate and an additional .50% added to each investment property loan.
4The APR for the Adjustable Rate Mortgages (ARMs) are based on a 30-year term with ARM caps: for the 3/6 mo ARM: 2% max 1st adjustment, 2% per subsequent adjustment & 6% lifetime; for the 5/6 mo ARM: 2% max 1st adjustment, 2% per subsequent adjustment & 5% lifetime; for the 7/6 mo ARM: 5% max 1st adjustment, 2% per subsequent adjustment & 5% lifetime; 10/6 mo ARM: 5% max 1st adjustment, 2% per subsequent adjustment & 5% lifetime. After the initial period, rates and payments are based on the current index plus a margin. APR may increase after closing.
5Requires payments auto-debited from a Peapack-Gladstone Bank account.
BANK FEES
Application | $500.00 | Flood Certification and Life of Loan | $15.00 | Credit Report - Joint | $76.00 |
Appraisal | $525 to $800 | Attorney Review | $250.00 | Credit Report - Individual | $38.00 |
Tax Service | $116.00 |